{smcl}
{com}{sf}{ul off}{txt}{.-}
      name:  {res}<unnamed>
       {txt}log:  {res}C:\Users\myogo\Princeton Dropbox\Motohiro Yogo\Koijen Yogo - International\JPE\Replication\Code\6 Valuation\Valuation0_7.smcl
  {txt}log type:  {res}smcl
 {txt}opened on:  {res}31 Oct 2025, 20:33:51
{txt}
{com}. /* Define local and global variables */
> 
> do global;
{txt}
{com}. /* global.do (STATA)
>         Define global variables in "Valuation".
>         by Ralph Koijen & Motohiro Yogo */
. 
. #delimit ;
{txt}delimiter now ;
{com}. clear all;
{res}{txt}
{com}. do "../3 Estimation/global";
{txt}
{com}. /* global.do (STATA)
>         Define global variables in "Estimation".
>         by Ralph Koijen & Motohiro Yogo */
. 
. #delimit ;
{txt}delimiter now ;
{com}. clear all;
{res}{txt}
{com}. global macro = "LgdpP LgdpPpc Gcpi vol drate";
{txt}
{com}. global bilateral = "dist";
{txt}
{com}. global dummies = "Iown I_CR I_OC Iyear_*";
{txt}
{com}. global dummiesA = "Itype_*";
{txt}
{com}. global iv = "IVexdemand";
{txt}
{com}. global ivA = "LSdelta*";
{txt}
{com}. 
{txt}end of do-file

{com}. global step_W = 1;
{txt}
{com}. global step_fx = .5;
{txt}
{com}. global step_mb = .5;
{txt}
{com}. global Nstep = 1e4;
{txt}
{com}. global Mgap = 1e-9;
{txt}
{com}. 
{txt}end of do-file

{com}. /* Call the ado file */
> 
> forval y = 2015/2016 {c -(};
{txt}  2{com}.         forval t = 1/3 {c -(};
{txt}  3{com}.                 Valuation 0 `y' `t';
{txt}  4{com}.         {c )-};
{txt}  5{com}. {c )-};
2015
0     1     1.421e-14     1.243e-14     6.217e-15
1     2751     4.107e-10     9.996e-10     5.045e-08
2     1804     4.101e-10     9.983e-10     5.038e-08
3     2498     4.087e-10     9.959e-10     5.017e-08
4     2631     4.104e-10     9.970e-10     5.020e-08
5     2136     4.112e-10     9.989e-10     5.025e-08
6     2379     4.099e-10     9.958e-10     5.027e-08
2015
0     1     1.865e-14     1.954e-14     5.329e-15
1     2575     4.113e-10     9.981e-10     4.901e-08
2     1820     4.117e-10     9.990e-10     4.906e-08
3     1746     4.120e-10     9.994e-10     4.917e-08
4     2093     4.132e-10     9.952e-10     4.970e-08
5     1915     4.129e-10     9.959e-10     4.974e-08
6     1735     4.130e-10     9.961e-10     4.976e-08
2015
0     1     2.487e-14     2.487e-14     6.217e-15
1     2042     4.107e-10     9.980e-10     4.889e-08
2     1829     4.104e-10     9.984e-10     4.868e-08
3     1716     4.116e-10     9.954e-10     4.821e-08
4     2148     4.001e-10     9.981e-10     4.595e-08
5     1870     4.022e-10     9.963e-10     4.595e-08
6     1894     4.017e-10     9.959e-10     4.583e-08
2016
0     1     2.753e-14     2.887e-14     5.329e-15
1     2714     4.303e-10     9.991e-10     4.868e-08
2     1645     4.291e-10     9.962e-10     4.854e-08
3     2503     4.281e-10     9.956e-10     4.842e-08
4     2549     4.293e-10     9.998e-10     4.843e-08
5     2051     4.273e-10     9.954e-10     4.810e-08
6     2300     4.274e-10     9.957e-10     4.823e-08
2016
0     1     2.753e-14     2.887e-14     8.882e-15
1     2533     4.309e-10     9.965e-10     4.732e-08
2     1814     4.320e-10     9.987e-10     4.744e-08
3     1820     4.326e-10     9.982e-10     4.758e-08
4     2111     4.340e-10     9.969e-10     4.819e-08
5     1900     4.339e-10     9.987e-10     4.830e-08
6     1670     4.326e-10     9.953e-10     4.816e-08
2016
0     1     2.398e-14     2.576e-14     7.105e-15
1     2017     4.299e-10     9.965e-10     4.716e-08
2     1690     4.316e-10     9.998e-10     4.720e-08
3     1977     4.320e-10     9.970e-10     4.675e-08
4     1939     4.211e-10     9.973e-10     4.468e-08
5     1672     4.239e-10     9.990e-10     4.474e-08
6     1793     4.241e-10     9.986e-10     4.473e-08
{txt}
{com}. log close;
      {txt}name:  {res}<unnamed>
       {txt}log:  {res}C:\Users\myogo\Princeton Dropbox\Motohiro Yogo\Koijen Yogo - International\JPE\Replication\Code\6 Valuation\Valuation0_7.smcl
  {txt}log type:  {res}smcl
 {txt}closed on:  {res}31 Oct 2025, 22:45:57
{txt}{.-}
{smcl}
{txt}{sf}{ul off}